Customer tastes preferences and ethical considerations in the clothing market - ANSWER- The fashion industry has never been so uncertain as geopolitical upheaval climate challenges and inflation has kept markets unsteady
- The new challenges in a post covid climate directly impact consumer confide...
customer tastes preferences and ethical considerat
the new challenges in a post covid climate direc
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Customer tastes preferences and ethical considerations in the clothing market - ANSWER- The fashion industry has never been so uncertain as geopolitical upheaval climate challenges and inflation has kept markets unsteady
- The new challenges in a post covid climate directly impact consumer confidence
- Industry experts are divided with their expectations for 2024 with 26% anticipating an improvement
and 38% predicting worsening conditions
- The forecast for industry growth is 2% to 4% with potential positive factors including the rebound of
the global tourism to levels 10% above 2019 and opportunities arising from generative artificial intelligence (AI)
- Consumers can expect prices increases in both luxury and non luxury items with some executives stating a surge of up to 5% cannot be avoided
- AI gained significant momentum in 2023 with 14.1 billion dollars in funding AI focused startups in the first half of the year alone
- Approximately 25 percent of gen AI's potential value in the fashion industry is attributed to its application in design and product development. Already AI algorithms are being used by many companies to analyse user preferences and behaviour, providing personalised product recommendations. But its technical applications can help designers develop better products, such as predictive bestsellers, as well as saving time for marketeers and content creators.
- Global tourism expected to surpass pre pandemic levels in 2024 providing a lucrative opportunity for some fashion brands.
- 28% of consumers plan on spending more on fashion shopping during travel than previous years.
- COP28 - the climate crisis is said to poses a significant risk to the fashion industry with extreme weather events predicted to jeopardize 65 billion dollar's worth of apparel exports and threaten one million jobs in four major economies by 2030
Customer tastes preferences and ethical considerations in the clothing market - ANSWER- Sustainability defined as a key challenge - new rules in Europe and US requires brands to intensify efforts to reduce emissions and waste while embedding climate strategies across their businesses, But only 12% of executives see sustainability as a principle opportunity for 2024
- Changes in lifestyle has seen consumers take to the outdoors foregoing trend led fashion for utilitarian pieces with functional qualities over high design
- It appears that more recently sustainability is the over riding factor that influences customer spending and their preferences
- Shift to online retailing - Digital innovation
- Greater inclusivity and diversity within goods and services
Forms of business in the UK clothing markets independents and multinationals: - ANSWER- Big players = Nike, LVMH, Inditex and Kernig who continue to see profits saw
- Smaller businesses appear to see greater challenges e,g geopolitical tensions, trade war and global economic uncertainties resulting in disruptions to supply chains and services
- Smaller fashion companies often have limited resources and may struggle to quickly adapt to changes in production, sourcing and distribution impacting their ability to meet customer demands
- Competition amongst fast fashion brands expected to intensify - success for these businesses will depend on their ability to adapt to customer tastes and preferences and navigate new regulations that will impact the industry. 40% of US customers have shopped at 3rd generation fast fashion in the
last 12 months
- In the realm of influencer marketing which is valued at 21.1 billion dollars there is evidence of influencer fatigue among consumers the report reveals dissatisfaction with he amount of sponsored content on social platforms, with 68 percent of surveyed consumers expressing unhappiness
- New strategies to tackle the environmental issues of fast fashion are developing, including new business models for clothing, rentals, designing products in a way that would make reuse and recycling easier (circular fashion), and convincing consumers to buy clothes of better quality that last longer (slow fashion) and generally steering customers to more sustainable options
- Key players in the UK clothing market = Primark, next, M&S, Nike, George, Adidas, Zara, F&F. Matalan, H&M, Arcadia group, Mothercare
- There are numerous small, middle sized and big brands that operate successfully at a national or regional scale, key players in the market include Nike, Zara, H&M and Uniqlo
Forms of business in the UK clothing markets independents and multinationals pt 2 - ANSWER- Fashion accounts for 31% share of the UK e commerce
- 65% independents/sole traders, majority are chain stores
Global clothing manufacturing locations - ANSWER- China - this countries dominance in clothing manufacturing is the result of its massive industrial infrastructure, skilled labour force and efficient supply chains. The country produces a wide range of clothing items, from basic apparel to high-end fashion pieces. Its ability to handle large-scale production has made it a preferred destination for brands seeking cost-effective mass manufacturing. China's textile industry also benefits from its historical expertise in silk and other fabrics, allowing for diverse production capabilities.
- India - India's clothing manufacturing industry is characterized by its rich textile heritage and diverse craftsmanship. The country produces a wide range of textiles, including traditional handwoven fabrics like silk, cotton, and wool. It's known for its intricate embroidery, tie-dye techniques, and vibrant prints. India offers a balance between traditional craftsmanship and modern
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